Bitcoin Bears Count Losses As $BTC Retakes $27,000

Bitcoin Bears Count Losses As $BTC Retakes $27,000

Key Insights

  • Bitcoin has made a spectacular price recovery in recent days, breaking back above $27,000.
  • Bitcoin bears have been liquidated to the tune of $31 million as a result of the rally.
  • Adam Back, a top crypto analyst, has predicted that Bitcoin could reach $100,000 before the next halving event in 2024.
  • Nicholas Merten, another crypto analyst, has warned that Bitcoin could still plummet nearly 63% from its current value of $10,000.
  • A glitch on Binance caused Bitcoin's price to plummet 90% briefly, but the issue was quickly resolved.

Bitcoin made a spectacular price recovery as of late, with its break right back above $27,000  over the last day.

According to CoinMarketCap, the cryptocurrency is darting above and below this zone at the time of writing.

However, Bitcoin is still showing healthy signs of bullish activity, with the current 27% rise in its trading volumes that took the figure straight to $13.7 billion.

Bitcoin price
Bitcoin price

Bitcoin now boasts a market cap of $523 Billion and appears fundamentally and technically strong so far.

Let's go over what is going on with Bitcoin, and what a few analysts have to say about its recent rally.

Bitcoin Takes Tens Of Millions From Its Bears

According to CoinGlass, Bitcoin's bears have not been having a good day.

Liquidation heatmap | Source: <a href='' target='_blank' rel='noreferrer noopener'><u>Coinglass</u></a>
Liquidation heatmap | Source: Coinglass

Data from the on-chain data tracker shows that Bitcoin's recent rally took a whopping $31 million from the bears, as the crypto market turned green.

Coinglass also shows that 68%, 76.2% and an insane 85.39% of bears were liquidated over the last 24 hours from Binance, Bybit and CoinEx.

Bitcoin liquidation by exchange
Bitcoin liquidation by exchange

Meanwhile, in other news.

Hashcash Inventor, Adam Back Says We May See a $100k Bitcoin BEFORE The Next Halving

Despite recent challenges, a top crypto analyst, Adam Black, has now come out with a bold prediction on Bitcoin

Back, in a recent tweet, mentioned that we might see Bitcoin rally straight up, and even hit the $100,000 mark before the 2024 Halving event.

This prediction is bold, considering how much price uncertainty Bitcoin is currently facing

Bitcoin at $100K before the next halving?
Bitcoin at $100K before the next halving?

In detail, Back mentioned that the Bitcoin miners need the price of Bitcoin to hit $98,000 at least before the next halving to be at break-even.

Back says that if the Bitcoin network's hashrate rises at an average of 6.3% every month, like how it happened earlier this year from January until July, the hashrate in April 2024 would be 633 exa-hashes per second.

This puts considerable strain on the miners, as their mining rigs have to consume more power to keep up.

Because of this, the price of the Bitcoin rewards they get for mining, have to rally to keep the miners in business and to keep the Bitcoin network operational and secure.

Why Bitcoin May Not Be Safe From A Drop To $10,000 Yet – Nicholas Merten

Nicholas Merten, host of the DataDash YouTube channel, in a new video, mentioned something interesting to his half-million subscribers.

The analyst says that Bitcoin can still plummet nearly 63% from its current value after entering a descending accumulation channel that formed back in 2021.

According to Merten, if Bitcoin's market liquidity continues to decline because of the FED or a possible market recession, we may see a price decline as said recession will worsen the liquidity issue.

The idea that Bitcoin has also never been through a massive recession before, makes it more important that one never happens.

We may see investors start to sell their Bitcoin holdings to raise cash during tough economic times.

Merten warns that the macroeconomic environment that helped Bitcoin soar to its all-time high may also not be returning anytime soon.

How Would You Like To Buy Bitcoin At $2,700?

Bitcoin experienced a jaw-dropping 90% price plunge on Binance today.

According to reports from Colin Wu, the cryptocurrency's price dropped from $27,100 to an insane $2,707 within 17 minutes.

Bitcoin plummets 90%
Bitcoin plummets 90%

Before long, however, the chart corrected itself and resumed showing the original Bitcoin price.

As expected, the crypto community went wild with speculation, fear and uncertainty.

CZ, the CEO of Binance, promptly got on a tweet and blamed the glitch on a Kline ( a tool for tracking charts) display issue.

Nothing to worry about?
Nothing to worry about?

CZ mentioned that trading remained unaffected and that the raw data via the API was functioning correctly.

It is important to note that despite the uproar on social media, there were no reports of significant liquidations due to this incident (also suggesting that it could have been a Kline issue).

Interestingly though, this is similar to what happened with XRP on Bitrue this year, on April 26 when XRP nosedived from around $0.47 to a mere $0.0001.

What Comes Next For Bitcoin? (Price Analysis)

Bitcoin's price recovery has brought it into a rebound from the $24,930 zone.

Bitcoin's price action
Bitcoin's price action

However, Bitcoin is having some trouble staying above the $27,000 zone.

This is happening because of a descending trendline we derived from its $32,000 high in July, and the concurrent lows.

Bitcoin is now showing signs of a reversal from this descending trendline and is trading somewhere around $26,850 at the time of writing.

Bitcoin has tried since July to break through this trendline and has failed every time. However, Bitcoin's recovery truly starts when it breaks out from this descending trendline.

Bitcoin's price prediction
Bitcoin's price prediction

If this happens, we can finally see a Bitcoin retest of $32,000, as well as a chance to finally hit $35,000 for the first time since June 2022.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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